Burges Salmon has advised Taylor Maxwell Group on its corporate restructuring.
The Taylor Maxwell Group is one of the UK's leading brick and timber distributors with 18 branches nationwide and a turnover now in excess of £175 million. The business provides a multi-product offering that includes facing brick, masonry and other façade solutions from a range of manufacturers based both in the UK and Europe.
The restructuring is intended to enable the promotion of a new generation of management and further shareholder incentivisation for employees. Additional directors have been appointed to Taylor Maxwell and Co Limited and Taylor Maxwell Timber Limited, and a number of employees have subscribed for shares in the newly formed holding company of the group, Taylor Maxwell Group (2017) Limited.
Taylor Maxwell Group (2017) Limited has acquired the entire issued share capital of Taylor Maxwell Group Limited with funding from Lloyds Bank.
Burges Salmon’s corporate finance and banking teams, led by Richard Spink and Tim Redman in corporate, and Rachael Ruane and Elin Blundell from banking, advised on the legal aspects of the transaction, with support from specialists across the firm including pensions.
Richard Spink comments:
"Taylor Maxwell is a long-standing client of the firm and we are particularly pleased to have worked with the management team on such a key transaction in its development. We worked with the Group on a similar transaction in 2006 and this latest restructuring enables new management to be promoted within the business and ensures the ongoing development of a hugely successful Bristol headquartered company."
Mark Phillips, group financial director at Taylor Maxwell, says:
"We have worked with Burges Salmon for many years and were delighted to involve them in this important transaction in the evolution of the group. Richard and his team have been hugely committed in supporting us throughout the process and have played a significant part in getting the transaction to completion."